Wantage and Abingdon Methodist Circuit 23/02 Trustees' Report for the Year Ended 31st August 2020
Governance
The Governing Body of the Wantage and Abingdon Methodist Circuit and the Methodist Church is the Methodist Conference. The authority under which the Methodist Conference acts is given by The Methodist Church Act 1976.
Registration with the Charity Commission
The Wantage and Abingdon Methodist Circuit has been registered with the Charity Commission since 26 November 2009 with the number 1132995.
Nature and Purpose
Standing Order 500 of The Constitution Practice and Discipline of the Methodist Church states that the Circuit is the primary unit in which local churches express their interconnexion in the Body of Christ, for the purpose of mission, mutual encouragement and help. It is in the Circuit that presbyters, deacons and probationers are stationed and local preachers are trained and admitted and exercise their calling. The purposes of the Circuit include the effective deployment of the resources of ministry, which include people, property and finance, as they relate to the Methodist churches in the Circuit, to churches of other denominations and to participate in the life of the communities served by the Circuit. This includes local schools and colleges and in ecumenical work in the area including, where appropriate, the support of ecumenical Housing Associations.
Responsibilities
The Circuit Meeting is the principal meeting responsible for the affairs of the Circuit and the development of Circuit policy. It shall exercise that combination of spiritual leadership and administrative efficiency which will enable the Circuit to fulfil its purpose as set out in Standing Order 500, and shall act as the focal point of the working fellowship of the churches in the Circuit, overseeing their pastoral, training and evangelistic work. A further responsibility is to encourage leadership within the Circuit.
Trustees
The members of the Circuit Meeting are the Managing Trustees for Circuit property. There is no minimum number of members and, in addition to the Circuit staff, the majority of the remaining members are appointed by the 9 churches in the Circuit. The Circuit Stewards are appointed annually by the Circuit Meeting. The Circuit Leadership Team comprises the Circuit staff, Circuit Stewards, the Circuit Treasurer and the Circuit Property Secretary.
Circuit Mission Statement
The churches constituting the Circuit support one another in responding to God's love in Christ by the proclamation of the Gospel through discipleship, worship and social action.
Circuit Policy
Underpinning all that we do is God-centred worship and prayer. We seek to share God's love seen in Jesus Christ and invite others to respond to that same love. In support of this we actively seek opportunities to develop Christian discipleship and confidence in
expressing our faith (e.g. by courses, quiet days, outreach initiatives and the use of technology). The Circuit Policy has been defined as follows:
1) The Circuit is the primary unit in Methodism we will encourage Circuit identity and a sense of shared mission Circuit staff will be deployed in order to further the mission of the whole Circuit we will encourage churches to see the Circuit Assessment as missionary giving and not as an unwelcome imposition.
2) Our two LEPs give us particular opportunities to work ecumenically and we are committed to these and we will look for further ecumenical opportunities, either formal or specific pieces of work.
3) As a Circuit we will give priority to resourcing the four centres (the four towns) 4) We will give priority to those places where major new housing developments are taking place. 5) Our village churches will be supported as long as members in those churches wish to continue their work in those villages and new initiatives will be supported.
if help is needed with specific tasks from members of other churches in the Circuit, this will be facilitated if possible.
we will not commit large sums of money or large numbers of people to retain buildings in places where the life of a church is no longer sustainable.
we will not resist requests to close if Church Councils seek permission.
Reserves Policy
The Circuit Meeting has agreed a reserves limit of £103,000 in total for five funds, namely, the general fund, manse maintenance fund, circuit development and training fund, removals and equipment fund and the chaplains. In total at 31st August 2020 the funds have a balance of £28,685. The Circuit Model Trust Fund, the Lee Donovan, Richard Cox and Brenda Izzard bequests have a balance of £603,504 and a reserves limit of £700,000. £250,000 has been identified to pay for a Deacon to support existing and initiate new work with children and young families and £64,000 to pay for Chaplains in new housing estates. A further fund, the Circuit Ministry & Mission fund, currently with a balance of £48,661 and a reserve of £70,000, is for circuit mission initiatives.
Review of Activities
The regular on-going work of the Circuit and the wider community continues to be greatly appreciated.
The work and ministry of the Community Chaplains on Great Western Park is greatly valued. This year saw Sarah Ifill one of our two initial “Lead" Chaplains leave us after three years of great service. Thank you Sarah for all that you did. We are pleased to say that Libby continues in her role and we are grateful for all her hard work and enthusiasm. We are also pleased to say that Wendy Moorin has become a Chaplain, offering a few hours on a regular basis and working specifically in Williams Place, a McCarthy Stone complex on GWP.
Attempts to appoint another paid “Lead” Chaplain proved unsuccessful, but it is our aim to advertise the post once again as soon as circumstances are more favourable.
An additional inspirational Circuit Meeting was held in February at Didcot Methodist Church, with Professor Clive Marsh, Vice-President of Conference, sharing some thoughts with some 60 Methodists from across the Circuit.
Advent Devotional Booklet. Our thanks to Local Preachers, Worship leaders, and staff for their help in producing an Advent Devotional Booklet that was very well received across the Circuit. There was a reading, reflection and prayer for each day of Advent as together we marked that special time in or lead up to Christmas.
As a Circuit we gave thanks for both Valerie Grist and Joy Gee who had both reached the landmark of their 60th Anniversary of being accredited Local Preachers and were given certificates to mark this occasion.
With the full support of the Circuit Meeting, it was agreed that we should begin an initiative based around the issues of Mental health. The first of these, “Breaking the Taboo” was an open meeting held on Sunday 15th March lead by Revd Stephen Normanton from “Peer Talk”. It is planned to hold further meetings and develop this initiative further when possible
Covid-19. Days after “Breaking the Taboo” we entered lockdown due to the pandemic and everything changed overnight. However, whilst our buildings may well have been closed for a significant period, the churches were still open and sought new ways to continue to be agents of God’s love, work and outreach in our communities.
Sunday worship continued via Zoom online, supplemented by reflections and short acts of worship on the Circuit YouTube Channel and a weekly reflective order of service for use at home, that was emailed widely and printed out for those without internet access etc. Pastoral care took place via FaceBook, WhatsApp, texts, telephone conversations, letter and when allowed (and safe to do) by socially distanced door-step conversations. Church and Circuit wide meetings took place via Zoom and lockdown Individual churches had Zoom or other Social media events and established weekly meetings to help keep one another in-touch in these difficult and trying times.
Financial review
The balance on the general fund is £18,845 against a budget of £14,128. Circuit Leadership Team The members of the Circuit Leadership Team on 31st August 2020 are set out below: Rev Keith Underhill (Superintendent) Rev Jocelyn Bennett Rev Ian Griffiths Alan Smith (Senior Circuit Steward) Deacon Selina Nisbett Mary Hancock (Circuit Property Secretary) Carolyn Roche Circuit Steward Geoffrey Maunder (Treasurer) Anne Matthews
Additional Information
For the purposes of Section 41 of the Statement of Recommended Practice we give the following information:
The Superintendent Minister’s address: 14 Haywards Close, Wantage, Oxon. OX12 7AT
Principal address of the Methodist Church: 25 Marylebone Road, London, NW1 5JR
Bankers: HSBC Bank plc, 24 Market Square, Witney OX28 6BG
Investment Advisors & deposit account: Central Finance Board of the Methodist Church, 9 Bonhill Street, London, EC2R 4PE
Independent Examiner: HW Chartered Accountants, Sterling House,19-23 High Street, Kidlington, OX5 2DH
Trustees
In addition to the Circuit Leadership Team; J Bennett, I Griffiths, M. Hancock, A. Matthews, G. Maunder, S. Nisbett , C.Roche, A. Smith and K.Underhill the following served as Trustees of the Wantage and Abingdon Methodist Circuit from 1st September 2019 - 31st August 2020:
A. Barber, C.Bartlett, P.Burns, S. Butler, H. Carter, G.J. Caudle, J. Caudle, C.J. Chalkley, M. Chalkley, P.L. Cook, R. Coward T. Coward, M. Cox, K. Goodman, T. Griffiths (Until 11/09/2019) J.A. Grunwald, P.Hemmings, A.M. Hogston, J.R. Hogston, G. Ifill, B.E. Kershaw, T. Kiffin, D. Legge, B. Mansfield, M.P. Maunder, A. Phillips, C. Phillips, D. Pryde, S.M. Rainey, E. Rennie, M.G.W. Sandels (until 30/12/2019) S. Scrivener, B. Sexton, H.R. Sillitoe (until 21/01/2020) J.G. Skidmore, M.A. Stanley, R.E. Thomas, H. Weston, P.R. Williams, E. Wood
Circuit Accruals Accounts 2019-2020
THE METHODIST CHURCH
REPORT AND ACCOUNTS (ACCRUALS BASIS)
for the year ended 31 August 2020
Wantage & Abingdon Circuit
Registered Charity - Registration number
1132995
| District No / 23 / 2 Circuit No |
|
| Ministers Circuit Stewards |
Rev Keith Underhill Rev Ian Griffiths Rev Jocelyn Bennett Rev Selina Nisbett Mr Alan Smith Mr GeoffreyMaunder Mrs Carolyn Roche Mrs Anne Matthews |
| Mr Alan Smith | |
| Mr GeoffreyMaunder | |
| Mrs Carolyn Roche | |
| Mrs Anne Matthews | |
Circuit Treasurer
Mr Geoffrey Maunder
Circuit No 23 / 2
Wantage & Abingdon Circuit
Statement of Financial Activities (SOFA) for the year ended 31 August 2020
| Notes to | Circuit Model | Designated | ||||||
|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust | Funds | Restricted | Endowment | Total |
||
| accounts | (Unrestricted) |
(Unrestricted) | (unrestricted) | Funds | Funds | 2019-20 | ||
| £ | £ | £ | £ | £ | £ | |||
| Income | ||||||||
| 1 Donations and legacies | 4 | 9,992 | - | - | - | - | 9,992 | |
| 2 Income from monetary investments | 7 | 999 | 4,930 | - | 47 | - | 5,976 | |
| 3 Income from investment properties | - | - | - | - | - | 0 | ||
| 4 Assessments on Churches | 188,308 | - | - | - | - | 188,308 | ||
| 5 Capital Receipts | - | - | - | - | - | 0 | ||
| 6 Grants received | - | - | - | - | - | 0 | ||
| 7 Other charitable income | - | - | - | - | - | |||
| 8Total income | 199,299 | 4,930 | - | 47 | - | 204,276 | ||
| Expenditure | ||||||||
| 9 Grants and donations | 7,376 | 15,441 | - | - | - | 22,817 | ||
| 10 Salaries and associated costs | 10 | 155,415 | - | - | - | - | 155,415 | |
| 11 Property maintenance | 10,347 | - | - | - | - | 10,347 | ||
| 12 Connexional assessment & model trust | levy | 45,678 | 1,209 | - | 11 | - | 46,898 | |
| 13 District Assessment & Levy | 9,924 | 36,596 | - | - | - | 46,520 | ||
| 14 Depreciation | 11 | 3,000 | - | - | - | - | 3,000 | |
| 15 Office expenses | 22,437 | - | - | - | - | 22,437 | ||
| 16 Other outgoings | 8,097 | - | - | - | - | 8,097 | ||
| 17Total charitable expenditure | 262,274 | 53,246 | - | 11 | - | 315,531 | ||
| 18 Gains/(losses) on monetary investments | 0 | (43) | 0 | 0 | 0 | (43) | ||
| 19 Gains/(losses) on investment properties | - | - | - | - | - | |||
| 20Net income/(expenditure) | -62,975 | -48,359 | 0 | 36 | 0 | -111,298 | ||
| 21 Transfers between funds | - | - | - | - | - | 0 | ||
| 22 Other gains/(losses) | - | - | - | - | - | |||
| 23Net movement in funds | -62,975 | -48,359 | 0 | 36 | 0 | -111,298 | ||
| 24 Total funds brought forward | 1,310,611 | 604,614 | - | 5,423 | - | 1,920,648 | ||
| 25 Total funds carried forward | 1,247,636 | 556,255 | - | 5,459 | - | 1,809,350 |
Wantage & Abingdon Circuit
Circuit No 23 / 2
Statement of Financial Activities (SOFA) for the year ended 31 August 2019
| Notes to the accounts Income 1 Donations and legacies 4 2 Income from monetary investments 7 3 Income from investment properties 4 Assessments on Churches 5 Capital Receipts of Profit on sale of closed church 6 Grants received 7 Other charitable income 8Total income Expenditure 9 Grants and donations 10 Salaries and associated costs 10 11 Property maintenance 12 Connexional assessment & model trust levy 13 District Assessment & Levy 14 Depreciation 11 15 Office expenses 16 Other outgoings 17Total charitable expenditure 18 Gains/(losses) on monetary investments 19 Gains/(losses) on investment properties 20Net income/(expenditure) 21 Transfers between funds 22 Other gains/(losses) 23Net movement in funds 24 Total funds brought forward 25 Total funds carried forward |
General Fund (Unrestricted) Circuit Model Trust (Unrestricted) Designated Funds (unrestricted) Restricted Funds Endowment Funds Total 2018-19 £ £ £ £ £ £ 29,884 - - 5,000 - 34,884 1,309 4,811 - - - 6,120 - - - - - 0 182,881 - - - - 182,881 - 198,253 - - - 198,253 - - - - - 0 - - - - - 214,074 203,064 - 5,000 - 422,138 |
|---|---|
| 9,807 17,078 - - - 26,885 152,370 - - - - 152,370 12,248 - - - - 12,248 44,201 903 - - - 45,104 8,309 24,547 - - - 32,856 3,000 - - - - 3,000 23,886 - - - - 23,886 15,092 - - - - 15,092 268,913 42,528 0 0 0 311,441 |
|
| - 30 - - - 30 - - - - - -54,839 160,566 0 5,000 0 110,727 6,997 7,420 - - 423 - 0 - - - - - -47,842 153,146 0 5,423 0 110,727 |
|
| 1,358,453 451,468 - - - 1,809,921 1,310,611 604,614 - 5,423 - 1,920,648 |
Wantage & Abingdon Circuit
Circuit No 23 / 2
Balance Sheet as at 31 August 2020
| Fixed Assets | Notes to the Accounts |
General Fund (Unrestricted) £ |
Circuit Model Trusts (Unrestricted) £ |
Designated Funds (Unrestricted) £ |
Restricted Funds £ |
Endowment Funds £ |
Totals 2019/20 £ |
Totals 2019/20 £ |
Totals 2018/19 £ |
|---|---|---|---|---|---|---|---|---|---|
| Circuit Manses & Equipment | 11 | 1,128,500 | 1,128,500 | 1,131,500 | |||||
| Investmentproperties | 0 | 0 | |||||||
| Investments | 12 | 2,367 | 2,367 | 2,410 | |||||
| Total fixed assets | 1,128,500 | 2,367 | 0 | 0 | 0 | 1,130,867 | 1,133,910 | ||
| Current Assets | |||||||||
| Debtors | 13 | 11,809 | 11,809 | 11,525 | |||||
| Loans bythe Circuit | 0 | 0 | |||||||
| Investments with TMCP | 41,790 | 553,888 | 5,459 | 601,137 | 654,108 | ||||
| Central Finance Board Deposits | 85,120 | 85,120 | 139,921 | ||||||
| Cash at Bank and in hand | 109,800 | 109,800 | 151,997 | ||||||
| Total current assets | 248,519 | 553,888 | 0 | 5,459 | 0 | 807,866 | 957,551 | ||
| Current liabilities | |||||||||
| Creditors (due in under 1 year) | 14 | 129,383 | 129,383 | 170,813 | |||||
| Grantspayable within 2018-19 | 0 | 0 | |||||||
| Total current liabilities | 129,383 | 0 | 0 | 0 | 0 | 129,383 | 170,813 | ||
| Net current assets/liabilities | 119,136 | 553,888 | 0 | 5,459 | 0 | 678,483 | 786,738 | ||
| Total assets less current liabilities | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 | ||
| 0 0 0 1,247,636 556,255 0 5,459 0 1,809,350 1,247,636 1,247,636 556,255 556,255 0 0 1,803,891 5,459 5,459 0 0 1,247,636 556,255 0 5,459 0 1,809,350 |
|||||||||
| Long term liabilities (due after more than oneyear) |
0 | ||||||||
| Grantspayable after 2018-19 | 0 | 0 | |||||||
| Loans to the Circuit | 0 | 0 | |||||||
| 0 | 0 | ||||||||
| Net assets | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 | ||
| Funds of the Circuit | |||||||||
| General Fund(Unrestricted) | 1,247,636 | 556,255 0 5,459 0 |
1,247,636 | 1,310,611 | |||||
| Circuit Model Trust Fund (Unrestricted) | 556,255 | 556,255 | 604,614 | ||||||
| Designated Funds(Unrestricted) | 0 | 0 | 0 | ||||||
| Total Unrestricted Funds | 1,803,891 | 1,915,225 | |||||||
| Restricted Funds | 5,459 | 5,459 | 5,423 | ||||||
| Endowment Funds | 0 | 0 | 0 | ||||||
| Total Funds | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 |
Signed
Circuit Treasurer
Wantage & Abingdon Circuit Circuit
Notes to the Accounts
1 Basis of accounting
The financial statements have been prepared under the Charities SORP FRS 102 'Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102) (effective from 1 January 2015) – Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
2 Funds
The funds held constitute: General Funds held for any purpose of the Circuit which are Unrestricted. The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. There is one Restricted fund which is a bequest to be used for the upkeep of Southmoor graveyard. There are no Endowment funds. There are no material funds. Any funds may be represented by more than just cash.
3 Accounting policies
Basis
These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year, on the accruals basis to show a true and fair view of the Circuit’s financial position and activities.
Income Recognition
Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability.
Resources Expended
This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.
Grants
Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms.
VAT
Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.
Tangible fixed assets for use by the Circuit
These are capitalised if they can be used for more than one year, and individually cost at least £1,000. Depreciation is provided at an annual rate of £3,000 on the motorhome that has been capitalised.
The freehold property is shown in the accounts at 2016 deemed values , of which the land component is deemed to be £372,000. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The property has been reviewed for impairment.
Investment Properties
Investment properties - no property is currently deemed to not be held for the long term purposes of the charity.
Investments
Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA.
Debtors and Prepayments
Debtors relate to the payment of the September stipend in August.
Creditors
Creditors include both sundry expenses and specifically the 1st quarter assessment received in August.
Wantage & Abingdon Circuit Circuit
| 4. Donations and legacies | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | ||
| Donations | 8 | 8 | 30 | ||
| Legacies | 2 | 2 | 5 | ||
| Total | 10 | - | - | 10 | 35 |
| 5. Charitable activities - other |
Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | ||
| Charitable activities - Other 1 | - | ||||
| Charitable activities - Other 2 | |||||
| Charitable activities - Other 3 | |||||
| Total | - | - | - | - | - |
| 6. Other trading activities | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | ||
| Lettings (Property name) - 1 | - | ||||
| Lettings (Property name) - 2 | - | ||||
| Lettings (Property name) - 3 | - | ||||
| Lettings (Property name) - 4 | - | ||||
| Miscellaneous 1 | - | ||||
| Miscellaneous 2 | - | ||||
| Miscellaneous 3 | - | ||||
| Miscellaneous 4 | - | ||||
| Total | - | - | - | - | - |
| 7. Investment income | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | £000 | |
| Central Finance Board | 1 | 5 | 6 | 6 | |
| Rental income | - | ||||
| Other | 0 | 0 | - | ||
| Total | 1 | 5 | - | 6 | 6 |
| This year £ 5,059 Number of trustees who were paid expenses Nil Nature of the expenses Wantage & Abingdon ayment to Trustees Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting |
This year £ 5,059 Number of trustees who were paid expenses Nil Nature of the expenses Wantage & Abingdon ayment to Trustees Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting |
Circuit Last year |
|---|---|---|
| 8,024 | ||
| Nil | ||
| Expense payments primarily relate to reimbursement for travel and computing costs | ||
| Total amount paid £ £ ees for examination or audit of the accounts £ Independent examiner’s or auditors' fees for reporting on the accounts Other fees (eg: advice, accountancy services) paid to the independent examiner or auditor |
5,059 2,040 |
|
| 8,024 | ||
| 2,040 | 1,920 | |
| 504 |
8. Payment to Trustees
9. Fees for examination or audit of the accounts
| Staff Costs paid during the year were: Gross wages, salaries and benefits in kind Employer’s National Insurance costs Pension costs Total staff costs Average number of staff employed during the year were: £ 10. Paid employees £ £ £ |
117,473 10,243 27,699 155,415 4 |
|
|---|---|---|
| 116,280 | ||
| 8,719 | ||
| 27,371 | ||
| 152,370 | ||
| 4 | 4 |
There are no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.
Wantage & Abingdon Circuit
11 Tangible Fixed Assets
Detail of assets held,
4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction.
| Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
|
|---|---|---|---|---|---|---|---|---|
| Cost or valuation | ||||||||
| Residential Land £ |
Other Land £ |
Manses £ |
Other buildings £ |
Other fixed assets including motor vehicles £ |
Fixtures, fittings and equipment £ |
Payments on account and assets under construction £ |
Total £ |
|
| Balance brought forward | 372,000 | 744,000 | 22,500 | 1,138,500 | ||||
| Additions | ||||||||
| Revaluations(+/-) | ||||||||
| Disposals(-) | ||||||||
| Transfers *(+/-) | ||||||||
| Balance carried forward | 372,000 | 744,000 | 22,500 | 1,138,500 | ||||
| *Basis* Rate Accumulated depreciation |
SL SL or RB SL SL or RB |
|||||||
| Balance brought forward | 7,000 | 7,000 | ||||||
| Depreciation charge foryear(-) | 3,000 | 3,000 | ||||||
| Revaluations(+/-) | ||||||||
| Disposals(-) | ||||||||
| Transfers*(+/-) | ||||||||
| Balance carried forward | 10,000 | 10,000 | ||||||
| Net book value | ||||||||
| Brought forward | 372,000 | - | 744,000 | - | 15,500 | - | - | 1,131,500 |
| Carried forward | 372,000 | - | 744,000 | - | 12,500 | - | - | 1,128,500 |
- The "transfers" row is for movements between fixed asset categories.
** Indicate the method of depreciation by deleting the method not applicable (SL = straight line; RB = reducing balance). Also indicate the rate of depreciation: for straight line, depreciation is based on the anticipated life of the asset (in years); for reducing balance, a percentage annual deduction is made each year.
Wantage & Abingdon Circuit
12 Investments
The funds that support the Circuit Model Trust Fund and the Manses Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments.
TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference.
Analysis of investment movements
| Analysis of investment movements | Analysis of investment movements | ||
|---|---|---|---|
| Thisyear Prevyear |
|||
| Investments listed on a recognised Stock Exchange | 2,367 | 2,410 | |
| Investments held in common investment funds, | |||
| Securities not listed on a recognised Stock Exchange | |||
| Other investments | |||
| Total | 2,367 | 2,410 |
Change in investment values
| Carrying (market)value at beginningofyear | 2,410 | 2380 | |
|---|---|---|---|
| Add:additions to investments at cost | |||
| Less:disposals at carryingvalue | |||
| Netgain/(loss)on revaluation | -43 | 30 | |
| Carrying (market)value at end ofyear | 2367 | 2410 |
Wantage & Abingdon Circuit
13. Analysis of current assets
This year Last year
Debtors and prepayments Pre paid assessments Accrued income Other debtors Total debtors and prepayments Analysis of cash at bank Bank balance held in HSBC Bank balance held in (Name of bank) Bank balance held in (Name of bank) Total Cash and Bank
14. Analysis of current liabilities and long term creditors
Trade Creditors Other Creditors Total Current Liabilities
15. Capital Commitments and Contingent Liabilities
At the 31 st August 2020 the Circuit had no capital commitments.
At the 31st August 2020 the Circuit had Contingent liabilities that amounted to:
| £ 11,809 11,809 |
£ |
|---|---|
| 11,809 | 11,525 |
| 11,809 | 11,525 |
| 109,800 | 151,997 | ||
|---|---|---|---|
| 109,800 | 151,997 | ||
| £ | |||
| £ | |||
| 129,383 | 170,813 | ||
| £ | |||
| 129,383 | 170,813 | ||
| £ | 214,000 | 218,136 |
Wantage & Abingdon Circuit DECLARATIONS
Treasurer
I confirm that these accrual based accounts for the year ended 31 August 2020 have been prepared from the records of the Circuit and that they include all funds under the control of the Circuit Meeting.
Signature of Treasurer Date 12-Oct-20 Name of Treasurer G. H.Maunder Address 164 Wantage Road, Didcot, Oxon. OX11 0AH
Presentation to the Circuit Meeting for approval.
I confirm that the annual report and accounts for the year ended 31 Aug 2020 were presented to the Circuit Meeting at its meeting on
03-Mar-21
and were approved. Signature of the Chair of the meeting Name of the Chair of the Rev. Keith Underhill meeting Date 3rd March 2021 _______________
Independent Examiner’s Report to the Trustees of the
Wantage & Abingdon
Circuit
I report to the circuit trustees on the examination of Wantage & Abingdon Circuit Accounts for the year ended 31[st] August 2020.
Responsibilities and basis of report:
As the circuit's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Circuit's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Wantage & Abingdon Circuit DECLARATIONS
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Circuit as required by section 130 of the Act; or
-
2 the accounts do not accord with those records; or
-
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
| Address Date Name of independent examiner Signature of independent examiner Relevant Professional q Name of firm (where ap |
Jodie McDermott FCCA |
|---|---|
| Sterling House, 19/23 High Street, Kidlington, Oxfordshire, OX5 2DH | |
| 16/11/2020 | |
| 16/11/2020 |
Circuit Accruals Accounts 2019-2020
THE METHODIST CHURCH
REPORT AND ACCOUNTS (ACCRUALS BASIS)
for the year ended 31 August 2020
Wantage & Abingdon Circuit
Registered Charity - Registration number
1132995
| District No / 23 / 2 Circuit No |
|
| Ministers Circuit Stewards |
Rev Keith Underhill Rev Ian Griffiths Rev Jocelyn Bennett Rev Selina Nisbett Mr Alan Smith Mr GeoffreyMaunder Mrs Carolyn Roche Mrs Anne Matthews |
| Mr Alan Smith | |
| Mr GeoffreyMaunder | |
| Mrs Carolyn Roche | |
| Mrs Anne Matthews | |
Circuit Treasurer
Mr Geoffrey Maunder
Circuit No 23 / 2
Wantage & Abingdon Circuit
Statement of Financial Activities (SOFA) for the year ended 31 August 2020
| Notes to | Circuit Model | Designated | ||||||
|---|---|---|---|---|---|---|---|---|
| the | General Fund | Trust | Funds | Restricted | Endowment | Total |
||
| accounts | (Unrestricted) |
(Unrestricted) | (unrestricted) | Funds | Funds | 2019-20 | ||
| £ | £ | £ | £ | £ | £ | |||
| Income | ||||||||
| 1 Donations and legacies | 4 | 9,992 | - | - | - | - | 9,992 | |
| 2 Income from monetary investments | 7 | 999 | 4,930 | - | 47 | - | 5,976 | |
| 3 Income from investment properties | - | - | - | - | - | 0 | ||
| 4 Assessments on Churches | 188,308 | - | - | - | - | 188,308 | ||
| 5 Capital Receipts | - | - | - | - | - | 0 | ||
| 6 Grants received | - | - | - | - | - | 0 | ||
| 7 Other charitable income | - | - | - | - | - | |||
| 8Total income | 199,299 | 4,930 | - | 47 | - | 204,276 | ||
| Expenditure | ||||||||
| 9 Grants and donations | 7,376 | 15,441 | - | - | - | 22,817 | ||
| 10 Salaries and associated costs | 10 | 155,415 | - | - | - | - | 155,415 | |
| 11 Property maintenance | 10,347 | - | - | - | - | 10,347 | ||
| 12 Connexional assessment & model trust | levy | 45,678 | 1,209 | - | 11 | - | 46,898 | |
| 13 District Assessment & Levy | 9,924 | 36,596 | - | - | - | 46,520 | ||
| 14 Depreciation | 11 | 3,000 | - | - | - | - | 3,000 | |
| 15 Office expenses | 22,437 | - | - | - | - | 22,437 | ||
| 16 Other outgoings | 8,097 | - | - | - | - | 8,097 | ||
| 17Total charitable expenditure | 262,274 | 53,246 | - | 11 | - | 315,531 | ||
| 18 Gains/(losses) on monetary investments | 0 | (43) | 0 | 0 | 0 | (43) | ||
| 19 Gains/(losses) on investment properties | - | - | - | - | - | |||
| 20Net income/(expenditure) | -62,975 | -48,359 | 0 | 36 | 0 | -111,298 | ||
| 21 Transfers between funds | - | - | - | - | - | 0 | ||
| 22 Other gains/(losses) | - | - | - | - | - | |||
| 23Net movement in funds | -62,975 | -48,359 | 0 | 36 | 0 | -111,298 | ||
| 24 Total funds brought forward | 1,310,611 | 604,614 | - | 5,423 | - | 1,920,648 | ||
| 25 Total funds carried forward | 1,247,636 | 556,255 | - | 5,459 | - | 1,809,350 |
Wantage & Abingdon Circuit
Circuit No 23 / 2
Statement of Financial Activities (SOFA) for the year ended 31 August 2019
| Notes to the accounts Income 1 Donations and legacies 4 2 Income from monetary investments 7 3 Income from investment properties 4 Assessments on Churches 5 Capital Receipts of Profit on sale of closed church 6 Grants received 7 Other charitable income 8Total income Expenditure 9 Grants and donations 10 Salaries and associated costs 10 11 Property maintenance 12 Connexional assessment & model trust levy 13 District Assessment & Levy 14 Depreciation 11 15 Office expenses 16 Other outgoings 17Total charitable expenditure 18 Gains/(losses) on monetary investments 19 Gains/(losses) on investment properties 20Net income/(expenditure) 21 Transfers between funds 22 Other gains/(losses) 23Net movement in funds 24 Total funds brought forward 25 Total funds carried forward |
General Fund (Unrestricted) Circuit Model Trust (Unrestricted) Designated Funds (unrestricted) Restricted Funds Endowment Funds Total 2018-19 £ £ £ £ £ £ 29,884 - - 5,000 - 34,884 1,309 4,811 - - - 6,120 - - - - - 0 182,881 - - - - 182,881 - 198,253 - - - 198,253 - - - - - 0 - - - - - 214,074 203,064 - 5,000 - 422,138 |
|---|---|
| 9,807 17,078 - - - 26,885 152,370 - - - - 152,370 12,248 - - - - 12,248 44,201 903 - - - 45,104 8,309 24,547 - - - 32,856 3,000 - - - - 3,000 23,886 - - - - 23,886 15,092 - - - - 15,092 268,913 42,528 0 0 0 311,441 |
|
| - 30 - - - 30 - - - - - -54,839 160,566 0 5,000 0 110,727 6,997 7,420 - - 423 - 0 - - - - - -47,842 153,146 0 5,423 0 110,727 |
|
| 1,358,453 451,468 - - - 1,809,921 1,310,611 604,614 - 5,423 - 1,920,648 |
Wantage & Abingdon Circuit
Circuit No 23 / 2
Balance Sheet as at 31 August 2020
| Fixed Assets | Notes to the Accounts |
General Fund (Unrestricted) £ |
Circuit Model Trusts (Unrestricted) £ |
Designated Funds (Unrestricted) £ |
Restricted Funds £ |
Endowment Funds £ |
Totals 2019/20 £ |
Totals 2019/20 £ |
Totals 2018/19 £ |
|---|---|---|---|---|---|---|---|---|---|
| Circuit Manses & Equipment | 11 | 1,128,500 | 1,128,500 | 1,131,500 | |||||
| Investmentproperties | 0 | 0 | |||||||
| Investments | 12 | 2,367 | 2,367 | 2,410 | |||||
| Total fixed assets | 1,128,500 | 2,367 | 0 | 0 | 0 | 1,130,867 | 1,133,910 | ||
| Current Assets | |||||||||
| Debtors | 13 | 11,809 | 11,809 | 11,525 | |||||
| Loans bythe Circuit | 0 | 0 | |||||||
| Investments with TMCP | 41,790 | 553,888 | 5,459 | 601,137 | 654,108 | ||||
| Central Finance Board Deposits | 85,120 | 85,120 | 139,921 | ||||||
| Cash at Bank and in hand | 109,800 | 109,800 | 151,997 | ||||||
| Total current assets | 248,519 | 553,888 | 0 | 5,459 | 0 | 807,866 | 957,551 | ||
| Current liabilities | |||||||||
| Creditors (due in under 1 year) | 14 | 129,383 | 129,383 | 170,813 | |||||
| Grantspayable within 2018-19 | 0 | 0 | |||||||
| Total current liabilities | 129,383 | 0 | 0 | 0 | 0 | 129,383 | 170,813 | ||
| Net current assets/liabilities | 119,136 | 553,888 | 0 | 5,459 | 0 | 678,483 | 786,738 | ||
| Total assets less current liabilities | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 | ||
| 0 0 0 1,247,636 556,255 0 5,459 0 1,809,350 1,247,636 1,247,636 556,255 556,255 0 0 1,803,891 5,459 5,459 0 0 1,247,636 556,255 0 5,459 0 1,809,350 |
|||||||||
| Long term liabilities (due after more than oneyear) |
0 | ||||||||
| Grantspayable after 2018-19 | 0 | 0 | |||||||
| Loans to the Circuit | 0 | 0 | |||||||
| 0 | 0 | ||||||||
| Net assets | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 | ||
| Funds of the Circuit | |||||||||
| General Fund(Unrestricted) | 1,247,636 | 556,255 0 5,459 0 |
1,247,636 | 1,310,611 | |||||
| Circuit Model Trust Fund (Unrestricted) | 556,255 | 556,255 | 604,614 | ||||||
| Designated Funds(Unrestricted) | 0 | 0 | 0 | ||||||
| Total Unrestricted Funds | 1,803,891 | 1,915,225 | |||||||
| Restricted Funds | 5,459 | 5,459 | 5,423 | ||||||
| Endowment Funds | 0 | 0 | 0 | ||||||
| Total Funds | 1,247,636 | 556,255 | 0 | 5,459 | 0 | 1,809,350 | 1,920,648 |
Signed
Circuit Treasurer
Wantage & Abingdon Circuit Circuit
Notes to the Accounts
1 Basis of accounting
The financial statements have been prepared under the Charities SORP FRS 102 'Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102) (effective from 1 January 2015) – Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
2 Funds
The funds held constitute: General Funds held for any purpose of the Circuit which are Unrestricted. The Circuit Model Trust Fund has wide purposes defined in Standing Orders and is categorised as unrestricted. There is one Restricted fund which is a bequest to be used for the upkeep of Southmoor graveyard. There are no Endowment funds. There are no material funds. Any funds may be represented by more than just cash.
3 Accounting policies
Basis
These accounts have been prepared on the basis of historical cost except that investments are shown at their market value at the end of the year, on the accruals basis to show a true and fair view of the Circuit’s financial position and activities.
Income Recognition
Income is included in the Statement of Financial Activities (SOFA) when the Circuit becomes entitled to the resources, and the trustees are reasonably certain they will receive the resources; and the monetary value can be measured with sufficient reliability.
Resources Expended
This is recognised when a liability is incurred, or a constructive obligation arises, that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Circuit to pay out resources.
Grants
Grants made by the Circuit from its own funds are recognised in full at the time of agreement or when the Circuit accepts that there is a legal or operational obligation to make the payment. When the grant is recurrent over more than one year the balance payable in future years is treated as a provision for future commitments in the Balance Sheet against the appropriate fund, the provision being released in future years as instalments are paid in accordance with the originally agreed terms.
VAT
Since the Circuit is not VAT registered, all input VAT is charged with the expenses to which it refers.
Tangible fixed assets for use by the Circuit
These are capitalised if they can be used for more than one year, and individually cost at least £1,000. Depreciation is provided at an annual rate of £3,000 on the motorhome that has been capitalised.
The freehold property is shown in the accounts at 2016 deemed values , of which the land component is deemed to be £372,000. No depreciation is provided on the building because the trustees consider the current residual fair value of the manse buildings (on the assumption that it had reached the end of its useful economic life by the year-end) to be not less than its current value. Any depreciation would not be material. The property has been reviewed for impairment.
Investment Properties
Investment properties - no property is currently deemed to not be held for the long term purposes of the charity.
Investments
Investments are valued in the balance sheet at market value at the year end. Investment income is included in the accounts when receivable and any gains or losses on revaluation at the year end are shown in the SOFA.
Debtors and Prepayments
Debtors relate to the payment of the September stipend in August.
Creditors
Creditors include both sundry expenses and specifically the 1st quarter assessment received in August.
Wantage & Abingdon Circuit Circuit
| 4. Donations and legacies | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | ||
| Donations | 8 | 8 | 30 | ||
| Legacies | 2 | 2 | 5 | ||
| Total | 10 | - | - | 10 | 35 |
| 5. Charitable activities - other |
Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | ||
| Charitable activities - Other 1 | - | ||||
| Charitable activities - Other 2 | |||||
| Charitable activities - Other 3 | |||||
| Total | - | - | - | - | - |
| 6. Other trading activities | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | ||
| Lettings (Property name) - 1 | - | ||||
| Lettings (Property name) - 2 | - | ||||
| Lettings (Property name) - 3 | - | ||||
| Lettings (Property name) - 4 | - | ||||
| Miscellaneous 1 | - | ||||
| Miscellaneous 2 | - | ||||
| Miscellaneous 3 | - | ||||
| Miscellaneous 4 | - | ||||
| Total | - | - | - | - | - |
| 7. Investment income | Unrestricted | Circuit Model Trust Fund |
Restricted | 2020 Total |
2019 Total |
| £000 | £000 | £000 | £000 | £000 | |
| Central Finance Board | 1 | 5 | 6 | 6 | |
| Rental income | - | ||||
| Other | 0 | 0 | - | ||
| Total | 1 | 5 | - | 6 | 6 |
| This year £ 5,059 Number of trustees who were paid expenses Nil Nature of the expenses Wantage & Abingdon ayment to Trustees Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting |
This year £ 5,059 Number of trustees who were paid expenses Nil Nature of the expenses Wantage & Abingdon ayment to Trustees Payments made to trustees for additional services provided to the Circuit by agreement with the Circuit Meeting |
Circuit Last year |
|---|---|---|
| 8,024 | ||
| Nil | ||
| Expense payments primarily relate to reimbursement for travel and computing costs | ||
| Total amount paid £ £ ees for examination or audit of the accounts £ Independent examiner’s or auditors' fees for reporting on the accounts Other fees (eg: advice, accountancy services) paid to the independent examiner or auditor |
5,059 2,040 |
|
| 8,024 | ||
| 2,040 | 1,920 | |
| 504 |
8. Payment to Trustees
9. Fees for examination or audit of the accounts
| Staff Costs paid during the year were: Gross wages, salaries and benefits in kind Employer’s National Insurance costs Pension costs Total staff costs Average number of staff employed during the year were: £ 10. Paid employees £ £ £ |
117,473 10,243 27,699 155,415 4 |
|
|---|---|---|
| 116,280 | ||
| 8,719 | ||
| 27,371 | ||
| 152,370 | ||
| 4 | 4 |
There are no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.
Wantage & Abingdon Circuit
11 Tangible Fixed Assets
Detail of assets held,
4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction.
| Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
Detail of assets held, 4 manses, specifically reference other buildings managed by the circuit and separately identify property treated as investment property. Provided summary information in respect of other categories and specific reference should be made in respect of any assets under construction. |
|
|---|---|---|---|---|---|---|---|---|
| Cost or valuation | ||||||||
| Residential Land £ |
Other Land £ |
Manses £ |
Other buildings £ |
Other fixed assets including motor vehicles £ |
Fixtures, fittings and equipment £ |
Payments on account and assets under construction £ |
Total £ |
|
| Balance brought forward | 372,000 | 744,000 | 22,500 | 1,138,500 | ||||
| Additions | ||||||||
| Revaluations(+/-) | ||||||||
| Disposals(-) | ||||||||
| Transfers *(+/-) | ||||||||
| Balance carried forward | 372,000 | 744,000 | 22,500 | 1,138,500 | ||||
| *Basis* Rate Accumulated depreciation |
SL SL or RB SL SL or RB |
|||||||
| Balance brought forward | 7,000 | 7,000 | ||||||
| Depreciation charge foryear(-) | 3,000 | 3,000 | ||||||
| Revaluations(+/-) | ||||||||
| Disposals(-) | ||||||||
| Transfers*(+/-) | ||||||||
| Balance carried forward | 10,000 | 10,000 | ||||||
| Net book value | ||||||||
| Brought forward | 372,000 | - | 744,000 | - | 15,500 | - | - | 1,131,500 |
| Carried forward | 372,000 | - | 744,000 | - | 12,500 | - | - | 1,128,500 |
- The "transfers" row is for movements between fixed asset categories.
** Indicate the method of depreciation by deleting the method not applicable (SL = straight line; RB = reducing balance). Also indicate the rate of depreciation: for straight line, depreciation is based on the anticipated life of the asset (in years); for reducing balance, a percentage annual deduction is made each year.
Wantage & Abingdon Circuit
12 Investments
The funds that support the Circuit Model Trust Fund and the Manses Fund are held by TMCP in Trustees Interest Funds on which interest is credited to the accounts each month. These are regarded as medium and long term investments.
TMCP is the legal owner and Custodian Trustee of all Methodist Model Trust property, including Legacies, Endowments and Accumulated Funds. Trust property is held for and on behalf of local Managing Trustees who are responsible for the day to day management of trust property. TMCP ensure that, through providing guidance and acting under their direction, the Managing Trustees comply with charity law and Methodist law and polity as determined by the Methodist Conference.
Analysis of investment movements
| Analysis of investment movements | Analysis of investment movements | ||
|---|---|---|---|
| Thisyear Prevyear |
|||
| Investments listed on a recognised Stock Exchange | 2,367 | 2,410 | |
| Investments held in common investment funds, | |||
| Securities not listed on a recognised Stock Exchange | |||
| Other investments | |||
| Total | 2,367 | 2,410 |
Change in investment values
| Carrying (market)value at beginningofyear | 2,410 | 2380 | |
|---|---|---|---|
| Add:additions to investments at cost | |||
| Less:disposals at carryingvalue | |||
| Netgain/(loss)on revaluation | -43 | 30 | |
| Carrying (market)value at end ofyear | 2367 | 2410 |
Wantage & Abingdon Circuit
13. Analysis of current assets
This year Last year
Debtors and prepayments Pre paid assessments Accrued income Other debtors Total debtors and prepayments Analysis of cash at bank Bank balance held in HSBC Bank balance held in (Name of bank) Bank balance held in (Name of bank) Total Cash and Bank
14. Analysis of current liabilities and long term creditors
Trade Creditors Other Creditors Total Current Liabilities
15. Capital Commitments and Contingent Liabilities
At the 31 st August 2020 the Circuit had no capital commitments.
At the 31st August 2020 the Circuit had Contingent liabilities that amounted to:
| £ 11,809 11,809 |
£ |
|---|---|
| 11,809 | 11,525 |
| 11,809 | 11,525 |
| 109,800 | 151,997 | ||
|---|---|---|---|
| 109,800 | 151,997 | ||
| £ | |||
| £ | |||
| 129,383 | 170,813 | ||
| £ | |||
| 129,383 | 170,813 | ||
| £ | 214,000 | 218,136 |
Wantage & Abingdon Circuit DECLARATIONS
Treasurer
I confirm that these accrual based accounts for the year ended 31 August 2020 have been prepared from the records of the Circuit and that they include all funds under the control of the Circuit Meeting.
Signature of Treasurer Date 12-Oct-20 Name of Treasurer G. H.Maunder Address 164 Wantage Road, Didcot, Oxon. OX11 0AH
Presentation to the Circuit Meeting for approval.
I confirm that the annual report and accounts for the year ended 31 Aug 2020 were presented to the Circuit Meeting at its meeting on
03-Mar-21
and were approved. Signature of the Chair of the meeting Name of the Chair of the Rev. Keith Underhill meeting Date 3rd March 2021 _______________
Independent Examiner’s Report to the Trustees of the
Wantage & Abingdon
Circuit
I report to the circuit trustees on the examination of Wantage & Abingdon Circuit Accounts for the year ended 31[st] August 2020.
Responsibilities and basis of report:
As the circuit's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Circuit's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Wantage & Abingdon Circuit DECLARATIONS
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Circuit as required by section 130 of the Act; or
-
2 the accounts do not accord with those records; or
-
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
| Address Date Name of independent examiner Signature of independent examiner Relevant Professional q Name of firm (where ap |
Jodie McDermott FCCA |
|---|---|
| Sterling House, 19/23 High Street, Kidlington, Oxfordshire, OX5 2DH | |
| 16/11/2020 | |
| 16/11/2020 |